1. Filing with the Canada Revenue Agency

2. How Can You File?  You can choose to file by “e-file” or by paper submission.  According to the CRA for the year 2013-2014:  80% of individual returns were filed electronically for the 2014 filing season.  83% of business returns were filed electronically for 2013-2014.  70% of GST/HST returns by businesses were filed electronically for 2013-2014.  71% of payments were received electronically (including payments remitted at financial institutions) for 2013-2014.

3. Paying Your Balance  If, after filling out your tax return, you determine that you have a “Balance Owing”, you must pay the government.  You can make a payment electronically (through internet banking), or you can mail a cheque to the government.  This must be done by April 30 th, otherwise penalties apply.

4. Important dates  We start charging compound daily interest on any outstanding balance for 2014 starting May 1, 2015, until you pay it in full.interest  If you owe tax for 2014, and you file your 2014 return after the filing due date, we will charge a late-filing penalty.filing due datelate-filing penalty  You can pay before you file your return. If you do, specify the year to which you want the payment applied. When you complete your return, claim this amount on line 476. As long as you file your return on time and pay by April 30, 2015, we will not charge you interest or a late-filing penalty.line 476interestlate-filing penalty

5. Important dates  You can file your return early and make a post-dated payment. As long as you file your return on time and pay by April 30, 2015, we will not charge interest on your balance owing.interest  Set up your pre-authorized debit before April 22, 2015, to avoid penalties and interest charges.

6. Paying by Installments  Some people pay their tax in installments. Why?  Self-employed people who do not have tax deducted at the source.  People who have more than one job, one of which does not have tax deducted.  If you owed a significant balance in the previous year, the CRA may ask you to pay in installments.

7. Paying by Installments  The government will deduct a set amount from your bank accounts quarterly (4 times a year) if you pay by installments.  Source: http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/pymnts/n-flng-eng.html Source: http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/pymnts/n-flng-eng.html